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PVR Ltd has bought out the other promoters' holdings of its group firm PVR Pictures Ltd for an undisclosed amount to obtain 100 per cent stake in it.
This move comes in the wake of PVR's plans to focus on cinema exhibition and go slow on production. After losing some money on its movie production business last year, PVR was reportedly planning to rejig its operations.
PVR Ltd acquired 40 per cent stake held by JP Morgan Mauritius Holding and ICICI Venture's India Advantage Fund in equal proportion.
“PVR has decided to focus aggressively on the cinema exhibition business and go slow on the production business for the next couple of years. So, the company wanted to have 100 per cent control over PVR Pictures and keep it as a wholly-owned subsidiary,” said Mr Nitin Sood, Chief Financial Officer, PVR Ltd.
PVR Pictures has co-produced Bollywood films such as Taare Zameen Par, Jaane Tu Ya Jaane Na, Contract and Mere Khwabon Mein Jo Aaye.
The company's stock on Tuesday closed on the BSE at Rs 103.50, up 0.83 per cent from the previous day's close.
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